Here’s hoping for less stress paying off the Christmas charge-up on the credit cards. The Federal Reserve is expected to announce new rules today preventing credit card companies from jacking up our interest rates so unexpectedly.
I’ve had that happen before and it’s no fun.
One of the new rules says your rate can’t be hiked until you’re more than 30 days late on the minimum payment. Mine was one day late once and the rate more than doubled.
I was not a happy camper.
What’s worse is that they make it nearly impossible to get it back down. Even after years of reliable payments.
Gotta get out of that thing.